SunPower Corp. (SPWR) Shares Down 3.7%
SunPower Corp. (NASDAQ:SPWR) shares dropped 3.7% on Thursday . The stock traded as low as $14.90 and last traded at $14.90, with a volume of 1,527,278 shares traded. The stock had previously closed at $15.48.
SPWR has been the topic of several research analyst reports. Guggenheim initiated coverage on shares of SunPower Corp. in a report on Tuesday, April 12th. They issued a “neutral” rating on the stock. Barclays PLC reaffirmed an “overweight” rating and issued a $23.00 price target (down previously from $32.00) on shares of SunPower Corp. in a report on Tuesday, May 10th. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $30.00 price target (up previously from $17.00) on shares of SunPower Corp. in a report on Monday, May 9th. Morgan Stanley reaffirmed a “buy” rating on shares of SunPower Corp. in a report on Friday, May 6th. Finally, Zacks Investment Research cut shares of SunPower Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 19th. Two analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $32.86.
The stock’s market cap is $2.01 billion. The company’s 50-day moving average price is $15.09 and its 200-day moving average price is $19.68.
SunPower Corp. (NASDAQ:SPWR) last issued its quarterly earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by $0.10. During the same quarter in the previous year, the company earned $0.13 EPS. The firm had revenue of $433.60 million for the quarter, compared to analyst estimates of $328.53 million. SunPower Corp.’s revenue was up .7% on a year-over-year basis. Equities analysts forecast that SunPower Corp. will post $1.33 EPS for the current year.
Several hedge funds and institutional investors have modified their holdings of SPWR. Rhumbline Advisers boosted its position in shares of SunPower Corp. by 18.9% in the fourth quarter. Rhumbline Advisers now owns 39,648 shares of the company’s stock valued at $1,190,000 after buying an additional 6,310 shares in the last quarter. Russell Frank Co boosted its position in shares of SunPower Corp. by 29.2% in the fourth quarter. Russell Frank Co now owns 44,658 shares of the company’s stock valued at $1,357,000 after buying an additional 10,099 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of SunPower Corp. during the fourth quarter valued at $1,510,000. State Board of Administration of Florida Retirement System boosted its position in shares of SunPower Corp. by 13.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 53,517 shares of the company’s stock valued at $1,606,000 after buying an additional 6,460 shares in the last quarter. Finally, Swiss National Bank boosted its position in shares of SunPower Corp. by 1.8% in the fourth quarter. Swiss National Bank now owns 73,700 shares of the company’s stock valued at $2,212,000 after buying an additional 1,300 shares in the last quarter.
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.
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